Results 2015

Wereldhave sees occupancy, income and profits grow in challenging conditions

Profitability
Net profit improved from € 27m in 2014 to € 104m in 2015. Earnings per share from our direct result increased in 2015 by 9% from € 2.97 to € 3.23 in 2015 driven by solid rental growth (despite challenging retail environments), successful acquisitions and one of the lowest cost of debt in the sector. The dividend proposal is € 3.01 per share, up 5% YoY, reflecting solid cash flows.

Leasing & operations
Overall occupancy (93.8%) and rental growth was resilient and positive, despite a weak retail environment.

In 2015 we built up a strong French team and successfully integrated a € 770m acquisition in the Netherlands. Occupancy in France was stable at 91% in 2015, a strong performance given the start- up of a new retail team. Occupancy in the first quarter of operations for the Dutch acquisition was up by 1%, which is a good start and reflects a "plug-and-play" portfolio addition.

Reshaping the portfolio
Marking the end of our three years transformation, the French office portfolio was successfully sold, net 5% above the year-end 2014 book value, which brings our retail portfolio to 97% of the total asset value. Spot on acquisitions in France, the Netherlands and Belgium for € 1.8bln completed our transformation towards a retail operator of convenient shopping centres.

Outlook
In 2016 we will focus on operations. Despite volatile markets Wereldhave is well positioned to show growth in results. We reconfirm our outlook for 2016 with an expected EPS growth of 6-9%, a dividend growth between 4-6% and a LTV below 40%, based on the current portfolio.

Dirk Anbeek, CEO says:
"It is good to see that our strategy is paying off. Following the two big acquisitions, in France and The Netherlands, as well as the divestment of the Paris office portfolio, we can now claim to be a specialised operator of convenience shopping centres. This focus and our developing knowledge of the retail environment translates into a strong performance despite adverse conditions for retailers. Our outlook remains positive - and this has everything to do with the fact that if well managed, convenience shopping centres across Europe do fulfill a need of shoppers to have a complete experience of shopping, eating out and entertainment. This is exactly what Wereldhave is determined to offer in its shopping centres going forward. In 2015, our EPS grew by 9% and for 2016, we anticipate a growth of EPS between 6-9%, with dividend growth between 4-6%".

For full press release, download the pdf below.

Press Release: Results 2015